The decision to sell an engagement ring is not always an easy one. Sometimes a couple’s relationship has come to an end. Other times the seller is letting go of a family heirloom for financial reasons.
There are many ways to sell a diamond engagement ring in person in the Rochester region, including private buyers, jewelers or pawnshops.
At MJ Gabel Jewelers, located in the Rochester suburb of Webster, we can help you with making the right choice on where and how to sell your ring. We’re not here to judge but to educate you that with each of these options, there are advantages and disadvantages. We would be happy to discuss these choices with you in person, but in the meantime, here’s some essential information on each one:
Private buyer. Some people approach selling a diamond ring like they would a car – selling the ring to a private buyer rather than trading it into a dealership for less. Yes, if you sell your diamond engagement ring to a private buyer, you will most likely get a better price. That is the positive. The negative to this choice, though, is the time involved to sell the ring and safety risks you take. Without proper vetting and precautions, your ring could be stolen or worse. If this is an option you choose to try, you should always meet with the potential buyer face-to-face and in a safe, public location like the parking lot or lobby of a police station. Never allow the potential buyer to “try out” the ring (even if they promise to pay you more for it) and never meet at your place of work or employment.
Jewelry store. Going to a jewelry store to sell an unwanted diamond engagement ring seems like the obvious choice, right? Jewelers are (typically) well versed in jewelry and have an outlet to re-sell the ring. The negative here, though, is that many jewelers (especially in western New York) do not buy any or many previously owned diamonds. If you do happen to find an experienced jeweler to buy your diamond engagement ring, they will most likely purchase it for less than they would from their manufacturer. So, while selling to a jewelry store is typically a safer option than going the private seller route, you most likely will get a lower payout than elsewhere.
Pawn shop or gold exchange. There are dozens of pawn shops in the Rochester area that would happily buy your diamond engagement ring. The big advantage of selling your diamond ring to a pawn shop or gold exchange is that you’ll most likely receive cash on the spot. The huge downside to this, though, is that most quick-cash places know very little about diamonds and their valuation. Sadly, you’ll probably receive a cash price based on the value of the ring’s metal, and very little additional value for the diamond(s). Many pawn shops or gold exchanges will then sell the piece to a diamond specialist like MJ Gabel. If you work directly with a company like MJ Gabel Jewelers that specializes in buying fine jewelry, you’ll receive the best value for your engagement ring.
In addition to the emotions that can come with selling a piece of your past, selling diamond jewelry can seem overwhelming because of the sheer number of options available. Before you sell your diamond engagement ring, we ask that you come visit us in person at our store in the village in Webster. We are happy to discuss your many options in more detail and guide you through the selling process of your choice. We welcome your questions and concerns and consider it a privilege to assist you with this delicate process. You can reach a diamond expert at MJ Gabel Jewelers by calling us at (800) 804-1980 or by visiting us at 13 South Avenue, Suite B in Webster. We’re open from 10 a.m. to 6 p.m. Monday thru Friday and 10 a.m. to 2 p.m. on Saturday (closed Sunday).